In the cryptocurrency market, non-fungible tokens (NFTs) have been gaining ground more quickly, and even major international IT companies are starting to accept them. The Apple App Store will now permit apps selling NFTs on its platform, according to the most recent development.
Both the creators of the current apps available on the App Store and future apps that sell NFTs have received approval from Apple. The caveat, however, is that Apple will levie a high fee of 30% for any NFT transactions carried out via the apps.
The high cost of employing this functionality on the App Store may discourage projects, game developers, and app developers. This is due to the fact that other typical NFT markets, including OpenSea and Magic Eden, frequently charge a very small 5% commission.
The Information has revealed that NFT firm Magic Eden has chosen to remove its offerings from the App Store. Even after Apple lowered their commission to 15% for businesses with yearly revenues under $1 million, this still occurs. Web3 CEO Gabriel Leydon sees the situation as generally good, noting:
Apple Rejects Cryptocurrency
Despite the fact that Apple presently permits apps on the App Store to sell NFTs, the firm will not yet take cryptocurrency. Apple is also avoiding taking a direct position in the cryptocurrency and NFT industries. One of the apparent reasons is that they don’t want to suffer the same regulatory scrutiny that Meta, formerly Facebook, did.
However, there were some reports that Apple would release NFT trading cards at one of their developer conferences earlier in June of this year. It never materialized, though.